In a shocking flip, Capezio — the enduring dancewear model that has been family-owned since its founding in 1887 — has been acquired by Argand Companions, a New York-based personal fairness agency. Within the dance world, this indicators each a dramatic turning level within the dancewear trade and a change to a household’s legacy. Capezio has lengthy been one of many few remaining heritage dance manufacturers tied to its founders, with a popularity deeply embedded within the tradition and historical past of dance itself.
The phrase “personal fairness” can typically set off fears of chilly monetary arithmetic and stripped-down operations, however the principals behind this acquisition are working exhausting to current a distinct story. One in every of continuity, neighborhood and considerate development.
“This wasn’t a tragic second — it was thrilling,” says Michael Terlizzi, Capezio’s CEO and a member of the founding household. “We misplaced quite a lot of members of the family earlier than and through COVID, together with our patriarch. I’m 59 now, once we regarded, there was no one beneath us. Actually no one beneath us. We considered doing this, the way to transition the enterprise, the way to get the expansion on the market. We regarded on the subsequent technology developing, and the model wanted help to develop additional, and Argand got here in with spirit — not ego.”
The 2 sides had been in dialog for over a yr earlier than finalizing the deal. In response to Terlizzi, Argand was not the very best bidder. “Truthfully, we had higher monetary gives. However nobody else introduced the identical enthusiasm, attentiveness and shared values. They cared deeply concerning the firm and the neighborhood and there was a transparent partnership for the household.”
That care, Terlizzi says, was evident from the start. No monetary gives had been even mentioned till either side had totally gotten to know the opposite. “They didn’t stroll in and attempt to change issues. They walked in saying, ‘We might help you do that higher.’”
Joyce Schnoedl, one of many companions at Argand and a educated dancer herself, echoes that sentiment. “Capezio was an enormous a part of my life rising up, and now it’s a part of my daughters’ life,” she says. “I’ve been in personal fairness and funding banking for over 20 years, and this chance simply felt pure.”
Schnoedl’s dance background is greater than symbolic. She started ballet at age three, later captained Harvard’s Crimson dance group, and stays an energetic participant within the dance world. Her connection to Capezio is each private {and professional}. “Dance is likely one of the most tightly knit, outlined communities I’ve ever encountered,” Schnoedl says. “And communities should be nurtured. Our objective is to be good stewards of the model and to raise what’s already working.”
The Capezio household, together with the Terlizzis and Giacoios, are nonetheless deeply concerned regardless of the shift in possession. Michael Terlizzi will keep on as CEO, alongside 4 different members of the family in key roles throughout HR, product improvement, design and merchandizing, and occasion coordination. “There’s actual worth in being family-owned, however there’s additionally worth in getting exterior views,” Terlizzi notes. “Argand is augmenting our group with skilled insights, whereas letting us preserve our tradition.”
Argand’s funding idea isn’t about cost-cutting, Schnoedl insists. “We’re not attempting to repair what isn’t damaged. Our focus is on making Capezio’s merchandise extra obtainable to extra dancers, particularly internationally. That is about development — sensible, sustainable development.”
A part of that plan consists of optimizing Capezio’s digital presence, provide chain and distribution. With advisors who deliver deep experience in digital technique and international sourcing, Argand goals to assist Capezio scale up with out sacrificing high quality.
Tom Nastos, a co-investor within the transaction with Argand Companions, brings a vogue trade lens to the undertaking, together with his huge expertise in attire and footwear. He’s CEO of Endurance Footwear, CEO of ENK Worldwide vogue commerce occasions, and CCO for Informa Vogue with occasions everywhere in the globe. “What drew me to Capezio was the neighborhood side,” Nastos says. “It is a firm that has formed lives. Supporting that neighborhood is a part of the worth proposition.”
Nonetheless, change usually brings nervousness — particularly in a subject as private as dance. Academics, studio homeowners and professionals might fear about shifts in high quality or pricing. Terlizzi and Schnoedl each emphasize that there’s no agenda to overtake the product line or elevate costs unnecessarily. “Now we have very restricted manufacturing capabilities in China,” says Terlizzi. “Worth adjustments have been pushed by Brexit, tariffs and transportation — not by some plan to gouge the shopper. We’re dedicated to providing superior merchandise at honest costs. We’re nonetheless manufacturing in Totowa, New Jersey, and we’ve reopened a big portion of our manufacturing unit in Florida. We supply based mostly on high quality, not simply geography.”
Schnoedl provides, “We’ve spoken with dancers, academics and studio homeowners. We ask them what they need, what they want. Our focus is on innovation that serves the dancer first.” This consists of increasing Capezio’s product strains to swimsuit trendy dance life — assume rehearsal put on, conference attire and crossover health gear. However Schnoedl is evident: “We’re not attempting to show Capezio into Lululemon. We wish to develop throughout the authenticity of the model.”
Capezio’s international footprint already spans continents, however Argand believes the model can go additional — with intention. “This isn’t a wipeout. That is an enlargement,” Terlizzi says. “We went to market to discover a method to develop our international presence whereas protecting our identification intact.” Schnoedl calls it a “dancer-first mentality,” a phrase that frequently recurs with the Argand companions. “Capezio has at all times been about efficiency, consistency and integrity. These values aren’t going wherever.”
For longtime Capezio clients and the broader dance neighborhood, the message is evident: It is a partnership meant to invigorate — not annihilate. “The world is altering so quick,” Nastos says. “To serve artists, you want sensible individuals who care about extra than simply margins. That’s what this group is about.”
In the long run, the hope is that this subsequent act in Capezio’s lengthy historical past will deliver the very best of each worlds — heritage and innovation, artistry and enterprise. Whether or not that performs out in pointe sneakers, character heels, or the subsequent technology of hybrid dancewear, one factor is for certain: all eyes within the dance world are watching. For the Capezio household, that legacy from 1887 strikes onward — solely now, with a couple of extra fingers onstage to assist the present go on.
By Mary Carpenter of Dance Informa.
